© 2019 by Vishali Bawa

IMPLEMENTING A NEW ECONOMY

There is a radical change in our lifestyle with ceaseless technological growth, advancement in innovations and the emergence of the Fourth Industrial Revolution. Digital, Robotics and 2D technology are growing at an accelerating pace and are creating a significant impact on our quotidian lives and nearly all fields such as Education, Politics, Healthcare, Hospitality, Advertising, etc. These are transforming economies like never before. Thus, it is not only vital to implement ‘new economies’, but also to sustain them. The vast stores of data in todays complex world dynamics have opened up new avenues for in-depth research to confront and understand the economic and statistical challenges of our times.

In order to facilitate these changes in todays era and to enable the development of new innovative products, services, methodologies and strategies, whilst making sure that they are ecological and sustainable, there is an integral need for design management via the application and utilization of several Design Thinking Tools

There has been a recent explosion of interest in Design Thinking. This is because global competition and the spread of information technology in the current data-driven world are propelling businesses to engage in a more systematic approach to maximize their rapid worldwide productivity and re-frame their processes. Various design thinking tools can be used for comprehensive customer research such as the stakeholder map, the customer journey map, the customer empathy map, the value chain analysis, Storyboarding, Prototyping, etc.

Design Thinking is a meticulous procedure of taking a challenge and drilling it down to its core issue in order to devise a pertinent solution. It eliminates the risk of ultimate failure by encouraging constant experimentation along with prototyping, testing and feedback. This is done a number of times in order to recognize and eliminate the irrelevant areas, thereby leveraging success.

In todays human – centric society, everything revolves around customization and personalization. The findings from market surveys and statistics facilitate quantitative research. However, the insights derived from these findings are comparatively superficial. Design thinking tools are more empathetic and personal in nature. They highlight the touch points of consumer behavior. The insights derived from these tools are far more tangible and reliable.

The book ‘Designing for Growth’ by Jeanne Liedtka and Tim Ogilvie gives a structured format of the design process by dealing with 4 basic questions i.e. what is? What if? What wows? And What works? ‘What is’ stage explores the current reality. ‘What if’ stage envisions a new future. ‘What wows’ makes some fresh choices. ‘What works’ takes us into the market place. The book talks about several essential tools that a design thinker should use to address these four questions. Another example of a good Design thinking toolkit is the Idea Design Thinking Workbook. It opens up an individuals mind to various design methodologies that are drilled down into small bite-size pieces in order to gain clarity and put together the most critical aspects of the problem and suitable solutions thereon. The book is divided into 5 segments: - Discovery, Interpretation, Ideation, Experimentation and Evolution. Different Toolkits use different terminologies for their design procedures, but there are a lot of similarities and overlapping tasks and activities in most of these tools as the core values of design thinking have 2 fundamental aspects that unite them– empathy and ethnography.

Since Strategic Design and Management in the New Economies respond to the evolution and restructuring of economies worldwide, there is an inherent need to examine the intricacies of the ‘new economy’ and develop strategies that assist in achieving consumer satisfaction, economic growth and prosperity while still maintaining an equilibrium with the eco-system.

People with different talents and capabilities can use design-thinking tools at various levels. Coming from a Graphic Design background and having an unabridged knowledge of Design and its applications, it is essential to be aware of the Design Process and the Design Thinking Toolkit to be able to understand the demographics of the market in a more inclusive manner and how the system works. In order to effectuate a change in the system, it is pertinent to be aware of the mechanism involved.

“Design is not just what it looks like and feels like, Design is how it works” – Steve Jobs

- Vishali Bawa

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